PUBLISHER: Grand View Research | PRODUCT CODE: 1588397
PUBLISHER: Grand View Research | PRODUCT CODE: 1588397
The global augmented reality market size is expected to reach USD 599.59 billion by 2030, registering a CAGR of 37.9% from 2025 to 2030, according to a new report by Grand View Research, Inc. The market growth can be credited to the increasing adoption of augmented reality (AR) technology across several industry verticals, such as automotive, healthcare, education, construction, and logistics among others. The augmented reality interfaces enhance the work environment as well as optimize operational efficiency while offering significant benefits in terms of efficiency, productivity, and safety.
AR technology has been evolving continuously and getting more accessible and reliable in line with the advances in technology. Several market players are focused on introducing new and more innovative offerings to attract customers and gain a competitive edge in the industry. For instance, in 2023, Google LLC announced the launch of its latest Immersive Stream for XR service for its Google Cloud customers. This new offering is said to eliminate the need for any powerful hardware or a special application to immerse oneself in the augmented reality or 3D world. The users can simply scan a QR code or click a link to get into extended reality (XR).
The growth of augmented reality industry is being influenced by the aggressive adoption of AR technology solutions by various industry incumbents, especially in the wake of the COVID-19 outbreak. For instance, AR technology is being widely adopted across educational institutions to enhance the learning experience for students.
The market is also benefiting from the retail domain as AR provides an immersive experience to shoppers and helps them make informed buying decisions. In November 2022, Snap, Inc. partnered with Amazon.com, Inc. to initiate AR-enabled digital try-on styles for the brands and customers online. This fashion partnership is anticipated to create an AR shopping experience seamless.
AR technology is gaining massive traction in niche markets. Several mobile device vendors are introducing AR-compatible mobile devices. As such, the market for augmented reality is poised for significant growth during the forecast period as AR technology continues to evolve and more real-life use cases are introduced.